Condo Rents Dip 0.1%; HDB Rents Rise 0.1%

Condo Rents Dip 0.1%; HDB Rents Rise 0.1%

The lacklustre rental market for both private non-landed and HDB properties dragged on for another month, going by data from real estate portal SRX yesterday.

Rents for condominiums and private apartments last month dipped by 0.1 per cent from July, after being unchanged since April. This brings private rents back to year-ago levels.

Private property rents are also now down by 19.1 per cent from their peak in January 2013.

From July, private rents in the core central region (CCR) increased by 0.4 per cent, but those in the rest of central region (RCR) declined by 0.4 per cent, while rents outside central region (OCR) were unchanged.

Year-on-year, OCR rents rose 1.4 per cent, while rents in the CCR dropped by 1 per cent, and those in the RCR fell by 1.2 per cent.

SRX said the number of condo and private apartments leased fell by 4.7 per cent last month to an estimated 4,935 units from 5,176 in July.

Year-on-year, though, rental volume last month was 7.1 per cent higher than the 4,609 units signed for in August last year.

Housing Board flat rents last month inched up 0.1 per cent from July, the second straight month of slight gain.

Still, HDB rents are down by 1.7 per cent from August last year, and off by 15.3 per cent from their last peak in August 2013.

SRX revised downwards the monthly change in July HDB rents to a 0.5 per cent increase from a 1 per cent rise.

Fewer HDB flats were also rented out last month, with leasings down 8.6 per cent to an estimated 1,744 units from 1,909 in July, SRX said.

Year-on-year, rental volume last month dropped by 1.9 per cent from the 1,778 units rented in August last year.

Rents for five-room flats dipped 0.1 per cent month-on-month, while those for three-room and four-room units both increased by 0.2 per cent, and executive flats saw a 1.8 per cent rise.

Meanwhile, rents in mature estates increased by 0.2 per cent month-on-month, while those in non-mature estates edged up 0.1 per cent.

Year-on-year, rents of mature estates last month slipped 1.2 per cent, and rents of non-mature estates fell 2.3 per cent.